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Take-Two Interactive Reports Lower than Expected Q1 Loss, Lifts FY 2014 Guidance (TTWO)

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Take-Two Interactive Software Inc. (NASDAQ: TTWO) reported that its fiscal first-quarter loss narrowed as dip in expenses helped to offset flagging sales.

Shares gained in afterhours trading as revenue exceeded Street’s consensus estimate while loss per share was also narrower-than-expected.

The New York based videogame publisher also raised its full-year fiscal outlook; however guidance for the current quarter was weak.

For the fiscal 2014, the videogame publisher expects non-GAAP/adjusted earnings to be in the range of $2.25 to $2.50 a share on revenue of $1.775 billion to $1.875 billion. Earlier the Company had provided guidance for earnings of $2.05 to $2.30 a share on adjusted revenue of $1.75 to $1.85 billion.

For the fiscal first quarter, Take-Two reported a loss of $61.9 million or 71 cents a share down from $110.8 million or $1.30 a share, in the same quarter of last year.

Stripping out onetime items, the loss stood at 54 cents a share compared to $1.16 a share, in the same quarter of last fiscal year.

Analysts’ consensus estimate was for a loss of 57 cents a share, according to a poll conducted by Thomson Reuters.

Revenue contracted to $142.7 million from $226.1 million, in the year-earlier quarter. Excluding deferred items, revenue stood at $144.3 million.

Analysts had forecasted revenue of $124.68 million.

For the current quarter, the Company expects earnings to be in the range of $1.20 to $1.35 a share on revenue of $750 million to $800 million. Analysts’ most recently forecast was for earnings of $1.57 a share on revenue of $814.60 million.

 








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edliston
Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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